While the bitcoin (BTC) bloodbath continues on the markets with reports of newer investors panic-selling, glimmers of cheer have appeared in India, where joyful crypto advocates have been welcoming reports that the government may be set to scrap talk of a ban – and instead take a regulatory route.
The Indian authorities have been talking ominously about a ban for years, mainly through anonymous sources – much to the ennui of the subcontinent’s many crypto investors. A much-maligned bid from the central bank to ban banks from dealing with crypto-related business was derailed by the Supreme Court last year.
But per a report from the Economic Times, the government is mulling the formation of “a fresh panel of experts” who would “study the possibility of regulating cryptocurrency in India.”
However, like many of the ban-related news articles, it appears that anonymous leaks are powering reports, with no official confirmation of crypto policy forthcoming yet. Instead, the media outlet stated that it had been informed of the development by “three sources privy [to] the discussions.”
Regardless, crypto fans will be cheered to learn that these anonymous sources are not Cassandras – at least not this time around. The Economic Times wrote that the “prevailing view” in the government was that “the recommendations by a committee headed by former Finance Secretary Subhash Garg in 2019 for a blanket ban” on crypto “had become outdated.”
An official “in the know of the matter” was quoted as confirming:
“This is huge. Crypto is finally getting regulated in India.”
Co-founder Nischal Shetty, meanwhile, extended a “heartfelt thank you” to India’s Minister of Finance and Corporate Affairs Nirmala Sitharaman and the Union Minister of State for Finance and Corporate Affairs Anurag Thakur, both of whom have been vocal about their desire to see India pursue pro-blockchain policies and exclude talk of “banning” crypto.